CLEVELAND-CLIFFS INC.

We are a leading North America-based steel producer focused on value-added sheet products, particularly for the automotive industry. We are vertically integrated, covering the entire process from mining iron ore, producing pellets and direct reduced iron, and processing ferrous scrap, through primary steelmaking and downstream finishing, stamping, tooling, and tubing. Headquartered in Cleveland, Ohio, we employ approximately 25,000 people across our operations in the United States and Canada. Our competitive strengths stem from our size and scale within the competitive, capital-intensive steel business. Our unique vertical integration, from mined raw materials, direct reduced iron, and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling, and tubing, provides more predictable costs throughout our supply chain and greater control over manufacturing inputs and end-product destination. Our primary competitive strength is our automotive steel business, where we are a leading supplier of automotive-grade steel in the U.S. Automotive steel is generally higher quality, more operationally and technologically intensive to produce, and requires significantly more customer service compared to other steel end markets. This dedication to service and the infrastructure to meet automotive customers' demanding needs took decades to develop, and we have continued to invest capital and resources to serve the automotive industry. The automotive steel business typically generates higher through-the-cycle margins due to its demanding nature.